Mortgage Rates Fall To Three-MonthLows
McLEAN, Va. - (01/20/06) -- Long-term mortgage rates fell thisweek, pushed down by signs of easing inflation, with rates on the30-year loan now the lowest since late October, according toFreddie Mac. The average for the benchmark 30-year, fixed-rate loandipped to 6.10% this week, from 6.15% last week; while the averagefor the 15-year, fixed-rate mortgage slipped to 5.67%, from 5.71%.ARM rates were mixed, with the average for the one-year ARM inchingup to 5.18%, from 5.15%, and the average for the five-year ARMslipping to 5.75%, from 5.76%. "Over the past six weeks, long-termmortgage rates have dropped nearly a quarter of a percent in theface of little or no inflationary pressures," said Frank Nothaft,chief economist for Freddie Mac. "Our outlook for the housingindustry continues to be that mortgage rates will remain affordablefor the rest of the year at least."